Retails stores are struggling to keep their doors open over the past few years. Most people believe it has something to do with a company called "Amazon."
On Monday, Claire's, a jewelry store known for piercing adolescent girls' ears and selling trendy accessories, has stated that they have filed for bankruptcy.
While filing, the company hopes to reduce it's debt by $1.9 billion. Last year, Claire's fell short and ended its year with a $2.1 billion deficit.
"This transaction substantially reduces the debt on our balance sheet," Claire's CEO Ron Marshall said in a statement. "We will complete this process as a healthier, more profitable company."
The retailer says that they are "confident" that they will survive the bankruptcy. Claire's plans to keep all their stores open and proceed with their "Icing" brand.
Claire's has more than 7,500 locations in 45 countries and has over 17,000 employees. 5,300 stores are in the United States alone.
The retailer isn't out of hot water just yet, their revenue history shows that back in 2014 their revenue was at $1.5 billion and in 2017 it fell to $1.3 billion.
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